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Monday, May 03, 2010

Van Eck Rolls Out Y Shares

Reported by Armie Margaret Lee

Van Eck Global on Monday started offering Y shares in all four mutual funds it offers.

Kristen Capuano, director of marketing for Van Eck's mutual funds, told The MFWire that the firm has been thinking about adding the share class since last year.

"We've been getting a lot of fededback from larger broker-dealers looking for a lower-priced share class besides load-waived A shares," Capuano said.

The timing of the Y share rollout is in conjuction with the release of Van Eck's May 2010 prospectus.

"We're in the advanced stages of finalizing selling group agreements with half a dozen of the large b-ds," Capuano added.

Van Eck's four mutual funds -- Van Eck Global Hard Assets, International Investors Gold Fund, Emerging Markets, and Multi-Manager Alternatives --have total AUM of about $4.3 billion. 

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